Weekly Update. Price at Critical Level !

FX:GBPUSD   British Pound/U.S. Dollar
146 0 2
In May a serious price broke out from the May 2011 high, came back to
retest that level and then went higher to 1,7192. Since then PA has
been backpeddling. Now price is seriously testing the lower
Pitchfork band of uptrend established July 2013. A weekly close
below 1,6530 will flag that the uptrend is over. The 1,6280 level will be
the next hurdle in bearish development (tops from 2012 and 3/8 fib of
the whole 2013714 swing). IF the lower PF             will hold up, it will give
great opportunities to get long (on a weekly close basis). Thus, currently
a wait and see approach is preferred. Note that the 1,63 level will be a
strong support level technically also including the Monthly S2. Next strong
support level is the 1,60 level (50% fib of swing/Yearly PP AND approximately
the Trendline going back to 2011.
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